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The complexity and fragmentation of cyber security platforms can cost a company, on average, 5 per cent of their annual revenue.
Research conducted by Palo Alto Networks and IBM has cast light on a cyber security problem that could be costing Australian companies billions of dollars each year.
The two companies, in collaboration with Oxford Economics, surveyed 1,000 executives from 21 industries and 18 countries, with 37 of them from Australia.
The survey found that 52 per cent of those polled said that the sheer number of different security solutions was harming their ability to respond to cyber incidents. However, of those companies that have undertaken cyber security platformisation to consolidate their security resources into a single platform, 75 per cent agreed that better integration of disparate platforms, such as hybrid cloud and AI, was essential to their business.
On average, the organisations surveyed were struggling under the weight of 83 discrete security solutions developed by 29 different vendors.
The executives said that, on average, this level of complexity and fragmentation was costing them 5 per cent of their annual revenue, a figure that could easily reach into the billions.
Michelle Saw, vice president of GTM shared services, Asia-Pacific and Japan, at Palo Alto Networks, said that “businesses are not only contending with diverse regulatory environments and increasingly sophisticated cyber threats but are also under constant pressure to do more with less”.
“A platformed approach to security is proving transformative in meeting the new demands on cyber security teams, enabling businesses to unify systems, improve visibility, and accelerate their response to threats.
The Australian picture shows that companies here are facing an even greater struggle with the problem. Seventy per cent of Australian executives surveyed said complexity was the challenge to security operations, compared to the global average of 52 per cent. Seventy-eight per cent also said they were being pressured to cut costs, only 2 per cent short of the global average.
The sheer scale of the threat landscape is another issue. Eighty per cent of Australian businesses surveyed said they are struggling with the number of attacks and threats,
“Australian organisations continue to experience significant challenges with updating their security ecosystems to address new threats, while ensuring a reduction in complexity and spend,” said Richa Arora, IBM Consulting cyber security services leader.
“Platformisation can reduce the pressure on operators by creating a more integrated toolbox – starring AI – that improves visibility across threat vectors, geographies, and technology platforms.”
“Through platformisation and partnerships, such as with IBM, we’re helping businesses across the region reduce fragmentation and costs while strengthening their ability to innovate and grow with confidence in an increasingly interconnected digital landscape.”
You can read the full research here.
David Hollingworth has been writing about technology for over 20 years, and has worked for a range of print and online titles in his career. He is enjoying getting to grips with cyber security, especially when it lets him talk about Lego.
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